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Kuros
Joined: 27 Apr 2004
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 Posted: Mon Mar 11, 2013 5:37 am Post subject: |
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| akcrono wrote: |
| Kuros wrote: |
Such a simplification of housing and banking policy. And not even persuasive on that one point. How do you know he could not have passed a renewed Glass-Steagall, if his Treasury department had not been dead set against it?
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Have you seen the current republican party? They are dead set against regulation. Rand Paul has been on a book tour pushing this very idea. Romney ran on the platform of repealing Dodd-Frank with no alternative to take its place.
If you truly believe that it would be possible for Obama to reintroduce Glass-Steagall with the party that was responsible for its removal (and refusal to acknowledge the repeal as a major player in the recession), then no amount of evidence will ever convince you. |
Obamacare, Obamacare, Obamacare.
You're right, Obama could not reintroduce Glass-Steagall now. But Obama had a window when he first took office, and he filled it with Obamacare, the Lilly Ledbetter Act, and not much else.
That said, Treasury did what it could to keep banks unaccountable.
Wall Street's Big Win
How Wall Street Killed Financial Reform |
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Leon
Joined: 31 May 2010
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| Posted: Mon Mar 11, 2013 6:04 am Post subject: |
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http://www.amazon.com/Bailout-Washington-Abandoned-Street-Rescuing/dp/1451684959/ref=sr_1_1?ie=UTF8&qid=1363009560&sr=8-1&keywords=bailout
This book was written by the inspector general for the TARP program. Obama didn't care about the needs of the average american, especially not compared to the needs of the big banks. I would challenge anyone who believes that Obama tried his best to read the book, and say that again with a straight face. Here's an article about the book, for those that are interested.
http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104
"Moreover, instead of using the bailout money as promised � to jump-start the economy � Wall Street used the funds to make the economy more dangerous. From the start, taxpayer money was used to subsidize a string of finance mergers, from the Chase-Bear Stearns deal to the Wells Fargo�Wachovia merger to Bank of America's acquisition of Merrill Lynch. Aided by bailout funds, being Too Big to Fail was suddenly Too Good to Pass Up."
"Through behavior like this, the government has turned the entire financial system into a kind of vast confidence game � a Ponzi-like scam in which the value of just about everything in the system is inflated because of the widespread belief that the government will step in to prevent losses. Clearly, a government that's already in debt over its eyes for the next million years does not have enough capital on hand to rescue every Citigroup or Regions Bank in the land should they all go bust tomorrow. But the market is behaving as if Daddy will step in to once again pay the rent the next time any or all of these kids sets the couch on fire and skips out on his security deposit." |
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Titus
Joined: 19 May 2012
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| Posted: Tue Mar 12, 2013 6:14 pm Post subject: |
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| Kuros wrote: |
You're right, Obama could not reintroduce Glass-Steagall now. |
The crisis was caused by fraud. We have laws about fraud on the books. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Tue Mar 12, 2013 6:59 pm Post subject: |
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| Titus wrote: |
| Kuros wrote: |
You're right, Obama could not reintroduce Glass-Steagall now. |
The crisis was caused by fraud. We have laws about fraud on the books. |
The statute of limitations is said to be arriving on many of those claims, although I think such interpretations are simplistic or incomplete.
The first link is excellent. It shows how much latitude prosecutors can wield under the Martin Act and FIRREA, and yet Holder still has his hand up his ass. |
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akcrono
Joined: 11 Mar 2010
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| Posted: Tue Mar 12, 2013 9:26 pm Post subject: |
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| Kuros wrote: |
Obamacare, Obamacare, Obamacare.
You're right, Obama could not reintroduce Glass-Steagall now. But Obama had a window when he first took office, and he filled it with Obamacare, the Lilly Ledbetter Act, and not much else. |
When did he have a supermajority? |
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akcrono
Joined: 11 Mar 2010
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| Posted: Tue Mar 12, 2013 10:07 pm Post subject: |
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| Leon wrote: |
http://www.amazon.com/Bailout-Washington-Abandoned-Street-Rescuing/dp/1451684959/ref=sr_1_1?ie=UTF8&qid=1363009560&sr=8-1&keywords=bailout
This book was written by the inspector general for the TARP program. Obama didn't care about the needs of the average american, especially not compared to the needs of the big banks. I would challenge anyone who believes that Obama tried his best to read the book, and say that again with a straight face. Here's an article about the book, for those that are interested.
http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104
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Well, it doesn't matter, because the world ended last year.
If you read it in a book it must be true.
Seriously, the rolling stone article you linked is little more than an opinion piece; you could cut the length in half by removing all the opinion language from the article. I guess that's why not many people turn to rolling stone for news.
Besides, I'm not even sure who you're arguing with, since it's not me or anyone else in this thread. |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Tue Mar 12, 2013 11:30 pm Post subject: |
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No, no, no. When it comes to taxes he's a socialist. When it comes to stocks he's a sellout. When it comes to domestic surveillance, he's a Nazi. When it comes to foreign policy, he's a Muslim. When it comes to race-relations, he's a Black Panther with a Radical Black Preacher as his mentor, except when he talks down to black folks, then he's an Oreo. Oh and when it comes to social issues, he's an Atheist. When he makes long-winded speeches, he's an Ivory Tower Harvard windbag, when he stumbles on the teleprompter, he's our "dumbed-down" President. He's a Radical Leftist and a Sellout to the Right-Wing.
In other words, he's a politician. |
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Leon
Joined: 31 May 2010
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| Posted: Wed Mar 13, 2013 1:49 am Post subject: |
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| akcrono wrote: |
| Leon wrote: |
http://www.amazon.com/Bailout-Washington-Abandoned-Street-Rescuing/dp/1451684959/ref=sr_1_1?ie=UTF8&qid=1363009560&sr=8-1&keywords=bailout
This book was written by the inspector general for the TARP program. Obama didn't care about the needs of the average american, especially not compared to the needs of the big banks. I would challenge anyone who believes that Obama tried his best to read the book, and say that again with a straight face. Here's an article about the book, for those that are interested.
http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104
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Well, it doesn't matter, because the world ended last year.
If you read it in a book it must be true.
Seriously, the rolling stone article you linked is little more than an opinion piece; you could cut the length in half by removing all the opinion language from the article. I guess that's why not many people turn to rolling stone for news.
Besides, I'm not even sure who you're arguing with, since it's not me or anyone else in this thread. |
The book was written by the inspector general of the TARP program, the guy in charge of oversight, you know the guy who was actually there and saw, and was a key part, of everything. Who said I was arguing, I'm simply informing. |
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No_hite_pls
Joined: 05 Mar 2007
Location: Don't hate me because I'm right
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| Posted: Wed Mar 13, 2013 4:38 am Post subject: |
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| Leon wrote: |
| akcrono wrote: |
| Leon wrote: |
http://www.amazon.com/Bailout-Washington-Abandoned-Street-Rescuing/dp/1451684959/ref=sr_1_1?ie=UTF8&qid=1363009560&sr=8-1&keywords=bailout
This book was written by the inspector general for the TARP program. Obama didn't care about the needs of the average american, especially not compared to the needs of the big banks. I would challenge anyone who believes that Obama tried his best to read the book, and say that again with a straight face. Here's an article about the book, for those that are interested.
http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104
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Well, it doesn't matter, because the world ended last year.
If you read it in a book it must be true.
Seriously, the rolling stone article you linked is little more than an opinion piece; you could cut the length in half by removing all the opinion language from the article. I guess that's why not many people turn to rolling stone for news.
Besides, I'm not even sure who you're arguing with, since it's not me or anyone else in this thread. |
The book was written by the inspector general of the TARP program, the guy in charge of oversight, you know the guy who was actually there and saw, and was a key part, of everything. Who said I was arguing, I'm simply informing. |
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No_hite_pls
Joined: 05 Mar 2007
Location: Don't hate me because I'm right
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| Posted: Wed Mar 13, 2013 4:39 am Post subject: |
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| Steelrails wrote: |
No, no, no. When it comes to taxes he's a socialist. When it comes to stocks he's a sellout. When it comes to domestic surveillance, he's a Nazi. When it comes to foreign policy, he's a Muslim. When it comes to race-relations, he's a Black Panther with a Radical Black Preacher as his mentor, except when he talks down to black folks, then he's an Oreo. Oh and when it comes to social issues, he's an Atheist. When he makes long-winded speeches, he's an Ivory Tower Harvard windbag, when he stumbles on the teleprompter, he's our "dumbed-down" President. He's a Radical Leftist and a Sellout to the Right-Wing.
In other words, he's a politician. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Wed Mar 13, 2013 6:54 am Post subject: |
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| akcrono wrote: |
There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy), but I think there won't be deterrence without prosecution. |
Somehow they survived the S&L scandal. Pretty sad that the Reagan and Bush administrations sent more bankers to prison than Obama has. |
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Titus
Joined: 19 May 2012
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| Posted: Wed Mar 13, 2013 3:42 pm Post subject: |
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[quote="bucheon bum"]
| akcrono wrote: |
There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy) |
You don't know what you're talking about. |
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akcrono
Joined: 11 Mar 2010
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| Posted: Wed Mar 13, 2013 11:03 pm Post subject: |
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| Leon wrote: |
The book was written by the inspector general of the TARP program, the guy in charge of oversight, you know the guy who was actually there and saw, and was a key part, of everything. Who said I was arguing, I'm simply informing. |
Informing who? Everyone in this thread agrees the system is corrupt. You're just telling people what they already know/believe.
| No_hite_pls wrote: |
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Successful troll is successful. |
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akcrono
Joined: 11 Mar 2010
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| Posted: Wed Mar 13, 2013 11:04 pm Post subject: |
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| Titus wrote: |
| akcrono wrote: |
There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy) |
You don't know what you're talking about. |
Please enlighten us on my ignorance |
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comm
Joined: 22 Jun 2010
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| Posted: Thu Mar 14, 2013 12:29 am Post subject: |
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| akcrono wrote: |
| Titus wrote: |
| akcrono wrote: |
There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy) |
You don't know what you're talking about. |
Please enlighten us on my ignorance |
You're suggesting that criminals who endangered the entire economy shouldn't be punished because punishing them could hurt the economy further. And you don't see the inherent problem with this?
People running major financial institutions will now know that, in addition to their company being 'too big to fail', they are 'too important to prosecute' and therefore have unlimited "Get out of jail free" cards. |
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